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similarly in greece. so, you had executives coming to greece, bribing politicians. the greek government -- they did not listen. then 2008. the conservative prime minister, he is not a stupid man. he was a terrible prime minister, but he is not a stupid man. you know what he did? he bailed out. he has not spoken since. he affectively called for a general election. he did not contest it. it was much worse than obama's first debate. he appeared before them and was like "don't vote for me." he lost that election. he did not have to call for that election. he called for it to lose it, to stay at home. he has not spoken since. he is having a nice holiday. and then there was papandreou. i was an advisor up until 2006. so i am not to blame. who unfortunately, he did not see the crisis of the eurozone collapsing. the eurozone had no foundation. there was an earthquake. it starts unraveling with greece. and let's say between 1995 2008 god and his angels descended on an athens and ran the show. with rationality, omniscience, ethos, and morality. greece would not have been the
similarly in greece. so, you had executives coming to greece, bribing politicians. the greek government -- they did not listen. then 2008. the conservative prime minister, he is not a stupid man. he was a terrible prime minister, but he is not a stupid man. you know what he did? he bailed out. he has not spoken since. he affectively called for a general election. he did not contest it. it was much worse than obama's first debate. he appeared before them and was like "don't vote for...
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Dec 27, 2012
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like we are doing in greece. in greece, we've had the most brutal, a substantial fiscal squeeze and in the history of humanity. if you look at the numbers, and nowhere before as the budget -- has the budget been squashed so savagely. and what happened to the debt? 129% to 200% of gdp. it is what happens. when you kill the cow that produces the milk, it will not produce more milk and if you keep hitting it, it will not produce more. the problem with the economy is, we need to start recycling global surpluses again in a rational way. the great advantage of having no qualms about lying through your teeth as politicians in this country and in my country have been known to do -- the story that i have been trying to tell is quite complicated. you can use simplification in order to confuse people. when in being interviewed by the media, you have about 20 seconds. you have to answer the question of what is wrong with the world. if you say, well, we have too much debt. we will become the slaves of the chinese like these a
like we are doing in greece. in greece, we've had the most brutal, a substantial fiscal squeeze and in the history of humanity. if you look at the numbers, and nowhere before as the budget -- has the budget been squashed so savagely. and what happened to the debt? 129% to 200% of gdp. it is what happens. when you kill the cow that produces the milk, it will not produce more milk and if you keep hitting it, it will not produce more. the problem with the economy is, we need to start recycling...
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Dec 27, 2012
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she has stuck to her goals in 2012 -- to save the euro and greece without compromising germany's financial stability. >> how alive is the concept of charity? we bring you an example from mexico. >> first, some of the stories making news. japan has a new prime minister, voted in by the lower house of parliament earlier today. his liberal democratic party won by a landslide in polls earlier this month. he has vowed to introduce aggressive monetary policies and says he wants to revise japan's pacifist constitution. >> china has launched the world's longest high-speed rail route. the line between cities is almost 2,900 kilometers long. trains travel an average speed of 300 kilometers per hour, cutting travel time in half to just eight hours. >> floods in malaysia have forced more than 13,000 people to flee their homes. the floods have hit several states of the country's east coast. one woman died after slipping into a swollen river, and forecasters are expecting more rain to fall. >> china's leading producer of rare earth is attempting to shut down some plants in an attempt to stem falling pri
she has stuck to her goals in 2012 -- to save the euro and greece without compromising germany's financial stability. >> how alive is the concept of charity? we bring you an example from mexico. >> first, some of the stories making news. japan has a new prime minister, voted in by the lower house of parliament earlier today. his liberal democratic party won by a landslide in polls earlier this month. he has vowed to introduce aggressive monetary policies and says he wants to revise...
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Dec 27, 2012
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becoming like greece? >> no, that is a profoundly -- do you see as becoming like greece? >> that is a profoundly different situation. the congressional budget office says that if we stay on the course we are on, we will have a debt that is 230% of our gross domestic product of the the next 20 years. most experts say once you get a debt of more than 9% of gross domestic product, that inhibit future economic growth in a significant way. this is just about -- not just about numbers on page, it is really about opportunities for people. whether you will be able to send your kid to school, to college, whether it will be able to buy a car, my house, whether we will have economic opportunity for the people of the country. the best academic research that has been done shows that if a country's debt gets too large in relationship to the size of its economy, the economy does not grow as fast. opportunity is lost. jobs are lost. so there is a similarity with what is happening in europe and what could happen here if we don't get our house in order. >> you talked about a single- minded
becoming like greece? >> no, that is a profoundly -- do you see as becoming like greece? >> that is a profoundly different situation. the congressional budget office says that if we stay on the course we are on, we will have a debt that is 230% of our gross domestic product of the the next 20 years. most experts say once you get a debt of more than 9% of gross domestic product, that inhibit future economic growth in a significant way. this is just about -- not just about numbers on...
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Dec 27, 2012
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it will remind me of greece. greece is getting bailed out. and going on back and forth. will there be a deal by december 31st? i don't think so, but if a deal gets penned out by mid-january, we can look forward to focusing on earnings and get this fiscal cliff over with so we can see what's going on important in the world, and that's earnings. >> let me -- can i comment on that? >> yeah, sure. >> i want to comment on rick santelli's optimistic view that maybe there really is a deal in the offing. he has a point, you know. it's not over, you know, until it's over and these guys do sometimes come up with last-minute deals, but i want to be very clear. in order for that to happen john boehner basically has to agree that he's going to get a deal out of house with majority democrat votes, and i don't see why he does that before january 3rd. >> you're assuming the president has all the leverage, and i think the president would have a horrible legacy starting out with such turmoil, so i disagree. i think there's movement on the white house side on entitlements. >> rick, you do
it will remind me of greece. greece is getting bailed out. and going on back and forth. will there be a deal by december 31st? i don't think so, but if a deal gets penned out by mid-january, we can look forward to focusing on earnings and get this fiscal cliff over with so we can see what's going on important in the world, and that's earnings. >> let me -- can i comment on that? >> yeah, sure. >> i want to comment on rick santelli's optimistic view that maybe there really is a...
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Dec 27, 2012
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seen lately because of fiscal cliff and the headlines from italy and spain and of course portugal and greece is not finished yet. >> right. >> so there's plenty of problems. we're going to return back to basics after the fiscal cliff. people will say, you know what, i do need some place to put my money. >> probably not in the backyard or under the pillow. thank you for joining us. brian. >>> meantime, big news from d.c. not on the fiscal cliff. it is that epa administrator lisa jackson is stepping down. her term really has been marked by battles over things like the keystone xl pipeline and coal fired power plants. just this month alone the epa has enacted rules that will cost businesses billions of dollars in regulation. that's why some may be saying good riddance. let's bring in robert costas. isn't that harsh? listen, you don't have to agree with her. she had her vision and she went for it. what's wrong with that? >> i think it's not harsh at all. this has been one of the most activist administrators in the obama administration. she comes in in 2009. immediately she gets to work on cap an
seen lately because of fiscal cliff and the headlines from italy and spain and of course portugal and greece is not finished yet. >> right. >> so there's plenty of problems. we're going to return back to basics after the fiscal cliff. people will say, you know what, i do need some place to put my money. >> probably not in the backyard or under the pillow. thank you for joining us. brian. >>> meantime, big news from d.c. not on the fiscal cliff. it is that epa...
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. >> greece will stain the euro in 2013. that's what lang merkel wants and she's holding the purse strings. she wants to be re-elected and doesn't want any cost of contagion in. the cost on a relative basis is cheap. mexico is the next hot market. almost unnoticed, our southern neighbor becoming an economic stronghold on its own. legal and financial reforms have led to a growing middle class. as china gets more expensive, mexico becomes more competitive in manufacturing. africa disappoints classic emerging markets of russia, brazil and china slow down from their heyday and so-called frontier funds have been started with a focus on the next hot growth area, focusing on africa and many believe now is the time. this is an overgeneralization. the rule of law is not widespread enough in the continent. there is a glimmer of hope such as sun nish sha. countries such as egypt still questionable. we have seen mass rioting there and growing concerns whether the new rule of law and new constitution will effectively protect investors. >
. >> greece will stain the euro in 2013. that's what lang merkel wants and she's holding the purse strings. she wants to be re-elected and doesn't want any cost of contagion in. the cost on a relative basis is cheap. mexico is the next hot market. almost unnoticed, our southern neighbor becoming an economic stronghold on its own. legal and financial reforms have led to a growing middle class. as china gets more expensive, mexico becomes more competitive in manufacturing. africa...